DIRS.INFO The most relevant business & tech news

☆ Amnesty International warns FIFA of ‘real and predictable human cost’ of awarding 2034 World Cup to Saudi Arabia
▼ + stars: | 2024-11-11 | by ( Ben Church | ) edition.cnn.com time to read: +7 min

CNN —Amnesty International has urged FIFA to halt the process of awarding Saudi Arabia the 2034 World Cup until major human rights reforms are announced. “FIFA is implementing thorough bidding processes for the 2030 and 2034 editions of the FIFA World Cup, in line with previous processes for the selection of hosts for the FIFA Women’s World Cup 2023 in Australia and New Zealand, the FIFA World Cup 2026 in the United States, Mexico and Canada and the FIFA Women’s World Cup 2027 in Brazil,” a FIFA spokesperson told CNN. Saudi Arabia is the only nation bidding for the 2034 World Cup. Yasser Bakhsh/Getty ImagesFollowing its investment in several sporting competitions, Saudi Arabia has outlined ambitious plans for the 2034 World Cup. “There will be a real and predictable human cost to awarding the 2034 World Cup to Saudi Arabia without obtaining credible guarantees of reform,” Cockburn added.

Persons: “, ”, Yasser Bakhsh, Steve Cockburn, ” Cockburn, Prince Mohammed bin Salman, Prince Abdulaziz bin Turki Al Faisal, FIFA ” Organizations: CNN, Amnesty, FIFA, Saudi, Amnesty International, Sport & Rights Alliance, Labour Rights, Human Rights Watch, Saudi Arabia Football Federation, Balkis Press, BBC Sport, ”, Moroccan, Portuguese Football Federation Locations: Saudi Arabia, Saudi, Spain, Portugal, Morocco, Australia, New Zealand, United States, Mexico, Canada, Brazil, Uruguay, Paraguay, Argentina, Casablanca, Spanish, Moroccan

☆ Saudi minister says crude prices could fall 33% if OPEC members don't stop pumping so much
▼ + stars: | 2024-10-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Saudi Arabia's oil minister says crude prices could fall as low as $50 per barrel. AdvertisementSaudi Arabia's oil minister says oil prices could fall as low as $50 per barrel if OPEC+ keeps overproducing, according to a Wall Street Journal report. $50 per barrel oil would drag Brent crude, the international benchmark, down 33% from current levels. The Saudi minister called out Iraq, which surpassed its quota by 400,000 barrels per day in August, according to S&P Global Ratings data. The OPEC leader caused prices to fall below $10 per barrel in 1986 after boosting output to penalize other producers.

Persons: —, Prince Abdulaziz bin, Brent, That's Organizations: Service, Wall, Financial Times, OPEC Locations: Saudi, Lebanon, Iran, Kazakhstan, Riyadh, Iraq, Saudi Arabia, OPEC

☆ CNBC Daily Open: Opec extends cuts, Nvidia showcases new chip
▼ + stars: | 2024-06-03 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. OPEC+ extends cutsOPEC and it allies agreed to extend official crude production cuts into 2025 amid lackluster demand. Saudi Arabia's energy minister Prince Abdulaziz bin Salman said OPEC+ wants concrete rate cuts before factoring in the potential impact on energy demand. New AI chip RubinNvidia unveiled its next generation artificial intelligence chip, Rubin, a mere three months after launching its Blackwell model.

Persons: Prince Abdulaziz bin Salman, Rubin, Blackwell, Dow, UnitedHealth, Bill Ackman, It's, Michael Khouw Organizations: CNBC, Saudi Aramco, Rubin Nvidia, AMD, Intel, Microsoft, Google, Dow Jones, Federal, Dow, Nasdaq, Nvidia, Tesla, Pershing, Moderna, Drug Administration, GSK, Pfizer Locations: OPEC, Saudi Arabia, Russia, Saudi, U.S, Moderna

☆ OPEC+ wants concrete rate cuts before factoring impact on oil demand, Saudi energy minister says
▼ + stars: | 2024-06-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

The prominent OPEC+ oil producers' alliance is awaiting concrete central bank action on interest rates before factoring in the potential impact on the energy demand landscape, according to Saudi Arabia's energy minister. The production strategy decisions come at a time when OPEC's own forecasts show a 2.25 million barrel-per-day increase in demand, according to the Monthly Oil Market Report of May. Energy costs spiked worldwide in the wake of Russia's full-fledged invasion of Ukraine, aggravating the economic downturn that followed the Covid-19 pandemic. Global institutions have previously mentioned energy prices as underpinning inflationary concerns. In turn, the piled-on inflation has muzzled oil demand.

Persons: Prince Abdulaziz bin Salman, — Organizations: Organization of, Petroleum, Monthly Locations: OPEC, Saudi, China, Ukraine

☆ OPEC to Meet Amid Signs of Waning Influence on Oil Prices
▼ + stars: | 2024-05-31 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

Over the past two years, the group known as OPEC Plus has agreed to a succession of cuts to oil output. The oil producers’ assumption has been that these trims would be temporary, but they have begun to take on an air of permanence as prices have been relatively subdued. Any relaxation of cuts would risk sinking prices in what looks like a soft market, analysts say. It is a frustrating situation for oil producers like Iraq and the United Arab Emirates, which could pump additional crude, bolstering their budgets. Saudi Arabia’s oil minister, Prince Abdulaziz bin Salman, who is expected to lead the meeting, relishes surprises, so other outcomes are possible.

Persons: That’s, ”, Richard Bronze, Mr, Bronze, Prince Abdulaziz bin Salman Organizations: Plus, United Arab Emirates Locations: Iraq, Saudi Arabia, Russia, Saudi

☆ Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June
▼ + stars: | 2024-03-03 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud gesture upon his arrival at the 8th OPEC International Seminar in Vienna on July 5, 2023Heavyweights Saudi Arabia and Russia, alongside several other key OPEC+ producers, will extend their voluntary crude supply cuts until the end of the second quarter. Saudi Arabia will stretch out its voluntary crude production cut of 1 million barrels per day until the end of the second quarter, the state-owned Saudi Press Agency said Sunday, citing an official source from the country's Ministry of Energy. Riyadh's crude production will be approximately 9 million barrels per day until the end of June, the announcement said. Back in November, OPEC+ countries had held a formal policy of collectively reducing their output by 2 million barrels per day until the end of 2024. Unlike formal policy changes, voluntary cuts do not require the group's unanimous consent during an official meeting and bypass the need to distribute production cuts or increases among OPEC+ members.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Alexander Novak, —, Prince Abdulaziz bin Salman Organizations: Saudi, Energy, OPEC, Organization for, Petroleum, Saudi Press Agency, country's Ministry of Energy, Tass, Moscow, Google, INA, Hamas, Saudi Energy Locations: Vienna, Saudi Arabia, Russia, OPEC, Riyadh, Moscow, Russian, Iraq, UAE, Iran, Gaza, China, Aramco

☆ U.S. crude oil falls below $70 a barrel, closing at the lowest level since June
▼ + stars: | 2023-12-06 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. crude declined 4% on Wednesday, closing at the lowest level since late June with retail gasoline prices hitting the lowest point since January just ahead of the holiday shopping and travel season. Meanwhile, U.S. data on Wednesday sent a mixed picture on demand with crude inventories falling while gasoline stocks rose. U.S. crude inventories fell by 4.6 million barrels for the week ending Dec. 1 but gasoline inventories rose by 5.4 million barrels, according to the Energy Information Administration. Several OPEC+ members announced the voluntary cuts last week after the group failed to reach a unanimous agreement on production targets. Tamas Varga, an analyst with PVM Oil Associates, said those reassurances have "fallen to deaf ears."

Persons: Brent, Prince Abdulaziz bin Salman, Alexander Novak, Tamas Varga Organizations: West Texas Intermediate, AAA, Hamas, Wednesday, Energy Information Administration, Saudi Energy, PVM Oil Associates Locations: Washington , DC, U.S, OPEC, Moody's, Israel, Russia, Russian

The first option in the draft is listed as "an orderly and just phase-out of fossil fuels". The second option calls for "accelerating efforts towards phasing out unabated fossil fuels". "I don't think we're going to leave Dubai without some clear language and some clear direction on shifting away from fossil fuels," he added. China's fossil fuel emissions rose after it lifted COVID-19 restrictions, while India's rise was a result of power demand growing faster than its renewable energy capacity, leaving fossil fuels to make up the shortfall. "Leaders meeting at COP28 will have to agree rapid cuts in fossil fuel emissions even to keep the 2C target alive," he said.

Persons: Stephane Mahe, Jean Paul Prates, Patrick Pouyanne, Jennifer Morgan, Prince Abdulaziz bin Salman, David Waskow, Exeter, Pierre Friedlingstein, Kate Abnett, William James, Valerie Volcovici, Elizabeth Piper, Katy Daigle Organizations: REUTERS, Petrobras, European, Oxford University, Saudi Arabia's Energy, Bloomberg, World Resources, University of Exeter, Reuters, Thomson Locations: France, Montoir, Bretagne, Saint, Nazaire, DUBAI, COP28, Brazil's, United States, European Union, Saudi Arabia, Russia, Dubai, India, China, Paris

☆ Oil prices steady amid OPEC+ cut doubts, Mid-East tension
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: +1 min

Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern. Oil prices had declined in the previous trading session as traders doubted that supply cuts by OPEC+ would have a significant impact, and as a stronger U.S. dollar weighed on commodity prices in general, said CMC Markets analyst Tina Teng. A stronger dollar typically makes oil more expensive for holders of other currencies, which could dampen oil demand. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, told Bloomberg in an interview on Monday that OPEC+ oil production cuts can "absolutely" continue past the first quarter if needed. Those incidents followed a series of attacks in Middle-Eastern waters since war broke out between Israel and Palestinian militant group Hamas on Oct. 7.

Persons: Tina Teng, Prince Abdulaziz bin Salman Organizations: Brent, U.S, West Texas, of, Petroleum, Bloomberg, Hamas Locations: Russia, OPEC, Saudi Arabia, Saudi, Israel, Red, Palestinian

On Monday, Prince Abdulaziz bin Salman, energy minister and the key climate negotiator, for the kingdom, was a no-show at the Saudi Green Initiative. "The climate finance that they have pledged at this COP28 is simply not enough," said Pakistani activist Zaigham Abbas, whose country was devastated last year by widespread flooding. Elsewhere, France and Japan said they would support a move by the African Development Bank to leverage IMF Special Drawing Rights for climate and development. This year also features the biggest-ever representation of business at the annual U.N. summit, amid hopes for more private investment toward climate causes. "The scale of the climate crisis demands urgent and game-changing solutions from every industry," COP28 President Ahmed Al-Jaber said.

Persons: COP28, Johanna Geron, Prince Abdulaziz bin Salman, Crown Prince Mohammad bin Salman, Nicholas Stern, Mia Mottley, Antonio Guterres, Zaigham Abbas, Abu Dhabi, Ahmed Al, Jaber, Simon Jessop, Maha El, Al Sayegh, Alexander Cornwell, Elizabeth Piper, David Stanway, Katy Daigle Organizations: of, European Union, REUTERS, Companies, Saudi, United, United Arab Emirates, Saudi Green Initiative, Crown, Grantham Research, Asian Peoples ' Movement, Development, African Development Bank, European Bank for Reconstruction, Copenhagen Infrastructure Partners, BlackRock, HSBC, Finance, Reuters, Thomson Locations: Dubai, Brussels, Belgium, Companies UAE, DUBAI, COP28, United Arab, Saudi Arabia, Sharm el, Sheikh, Egypt, Paris, China, Grantham, Barbados, France, Japan, Copenhagen, Abu

☆ OPEC+ oil producers head into meeting with quota unease and geopolitical risks casting a shadow
▼ + stars: | 2023-11-29 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Baselines, levels off which cuts and quotas are decided, have been a bone of contention within OPEC+, stalling talks amid UAE pushback in the summer of 2021. But accepting lower baselines would pose risks in the event of future output recoveries. The two countries' baselines for 2024 — and implicitly their production quotas — were due to be studied following assessment from three independent data providers. Two OPEC+ delegates, who could only speak anonymously because of the sensitivity of discussions, told CNBC Tuesday that a compromise had yet to be reached, as the clock ticks toward key meetings between OPEC, OPEC+ and their technical committee. The gatherings were initially scheduled as in-person meetings last weekend in Vienna, before a last-minute downgrade to virtual conferences.

Persons: Saudi Arabia —, —, Prince Abdulaziz bin Salman Organizations: of Petroleum, CNBC, UAE, Change, Saudi Energy Locations: OPEC, Saudi, Saudi Arabia, Angola, Nigeria, Vienna

OPEC+ said after its last meeting in June that the 2024 output quotas of Angola, Nigeria and Congo were conditional on reviews by outside analysts. "The postponement of the meeting also shows there are some different views among the group participants." A view of logo of the Organization of the Petroleum Exporting Countries (OPEC) at their headquarters in Vienna, Austria, June 2, 2023. Saudi Arabia, Russia and other OPEC+ members have already pledged oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022. This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023.

Persons: Giovanni Staunovo, Brent, Leonhard Foeger, Alexander Novak, Prince Abdulaziz bin Salman, Helima Croft, Croft, Nadine Awadalla, Nayera Abdalla, Ahmad Ghaddar, Vladimir Soldatkin, El, Alex Lawler, Jason Neely, Mark Potter, Kirsten Donovan, Deepa Babington Organizations: Oil, DUBAI, Organization of, Petroleum, REUTERS, Russian, Saudi Energy, OPEC, RBC Capital, Bloomberg News, Thomson Locations: LONDON, OPEC, Angola, Nigeria, Congo, Russia, Vienna, Austria, OPEC's Vienna, Saudi Arabia

☆ Oil prices surge after falling below key threshold as report says Saudi Arabia plans to extend production cuts into 2024
▼ + stars: | 2023-11-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

US and international oil prices jumped on Friday by more than 4% after a week-long slump. Saudi Arabia is considering prolonging production cuts into 2024, the Financial Times reported. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS and global oil prices surged on Friday following a week-long slump, as the Financial Times reported top producer Saudi Arabia is considering prolonging its production cuts into 2024. Falling oil prices would be the main driver of the cuts, but some members, the report said, are concerned about the Israel-Palestine conflict and the crisis unfolding in Gaza.

Persons: —, Brent, Prince Abdulaziz bin Salam Organizations: Financial Times, Service, West Texas Intermediate, FT, Saudi Locations: Saudi Arabia, OPEC, Vienna, Israel, Palestine, Gaza, Kuwait, Algeria, Iran

☆ Saudi Arabia to sign deals worth over $500 mln with African nations -minister
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

Saudi Minister of Finance Mohammed al-Jadaan gestures during an interview with Reuters at the Ministry of Finance in Riyadh, Saudi Arabia, December 12, 2021. REUTERS/Ahmed Yosri/File Photo/File Photo Acquire Licensing RightsRIYADH, Nov 9 (Reuters) - The Saudi Fund for Development will sign agreements worth 2 billion riyals ($533 million) with African countries, Saudi Finance Minister Mohammed Al-Jadaan said on Thursday during the Saudi-Arab-African Economic Conference in Riyadh. Saudi Investment Minister Khalid Al-Falih later said at the same conference the kingdom's over $700 billion wealth fund, the Public Investment Fund, will make some "game changing" investments in Africa. Saudi Energy Minister Prince Abdulaziz bin Salman, also at the conference, signed preliminary agreements with African countries including Nigeria, Senegal, Chad and Ethiopia on energy-related cooperation. ($1 = 3.7511 riyals)Reporting by Aziz El Yaakoubi; writing by Clauda Tanios and Yousef Saba; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Mohammed, Ahmed Yosri, Mohammed Al, Jadaan, Khalid Al, Falih, Prince Abdulaziz bin Salman, Aziz El Yaakoubi, Clauda Tanios, Yousef Saba, Jason Neely Organizations: Reuters, Ministry of Finance, REUTERS, Rights, Saudi Fund, Development, Saudi Finance, African Economic Conference, Saudi Investment, Public Investment Fund, Saudi Energy, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, Ghana, Africa, Nigeria, Senegal, Chad, Ethiopia

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Prices pared gains after U.S. government data showed U.S. crude inventories (USOILC=ECI) rose by 10.2 million barrels in the last week to 424.2 million barrels, much higher than analyst expectations for a 500,000-barrel rise. U.S. crude output also hit a record 13.2 million barrels per day in the week, the data showed. Meanwhile, the IEA lowered its oil demand growth forecast for 2024, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. However, it raised its 2023 demand forecast to 2.3 million bpd from a forecast of 2.2 million.

Persons: Nick Oxford, Bob Yawger, Yawger, Giovanni Staunovo, Prince Abdulaziz, Novak, Prince Abdulaziz bin Salman, Alexander Novak, Stephanie Kelly, Ahmad Ghaddar, Trixie Yap, David Gregorio, Kirsten Donovan Organizations: REUTERS, Brent, . West Texas, U.S, Mizuho, EIA, European Central Bank, UBS, Saudi Energy, IEA, Organization of, Petroleum, Thomson Locations: Cushing , Oklahoma, Lower U.S, Saudi, Israel, Russia, New York, London, Singapore

☆ Dow futures fall 200 points after Hamas attack against Israel
▼ + stars: | 2023-10-08 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Stock futures were lower on Sunday as the attack on Israel by Palestinian militants adds geopolitical risk to an already fragile market dealing with inflation and surging interest rates. Futures tied to the Dow Jones Industrial Average fell 207 points, or 0.6%. The Israeli-Palestinian conflict escalated to full-blown war on Saturday after the militant group Hamas staged an invasion, to which Israel was seemingly caught off guard. WTI crude oil futures were up by 2% in early trading Sunday. The rising geopolitical tensions could have ramifications for the energy market, with some experts forecasting a "knee jerk surge" in oil.

Persons: Israel, Benjamin Netanyahu, Prince Abdulaziz bin Salman Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Hamas, Brent, U.S . West Texas, OPEC, CNBC, Columbus, Treasury Locations: Israel, Palestinian, Hamas, stoke, U.S, Palestine, Russia, Saudi

☆ 'I would not forfeit the precautionary approach' to oil production policy, Saudi energy minister says
▼ + stars: | 2023-10-08 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Energy Minister Prince Abdulaziz bin Salman addresses the opening session of the Middle East and North Africa Climate Week in Riyadh, on Oct. 8, 2023. Fayez Nureldine | Afp | Getty ImagesThe influential Saudi and Russia-led oil producers' alliance is preventively prepared to wait months for guidance from "real numbers" before adjusting policies amid price volatility in the crude market, the Saudi energy minister said Sunday. A technical OPEC+ committee, the Joint Ministerial Monitoring Committee, convened Oct. 4 to review market fundamentals and individual country compliance with production obligations. Oil prices have been a key contributor to global inflation since Moscow's full-scale invasion of Ukraine, especially in Europe and G7 countries, where consumers have lost access to sanctioned Russian barrels. "We want to demonstrate to the world that we are going to be using every source of energy," Prince Abdulaziz reiterated on Sunday, noting that the kingdom is "dead serious about attending to the issue of climate change.

Persons: Prince Abdulaziz bin Salman, Fayez Nureldine, preventively, CNBC's Dan Murphy, Prince Abdulaziz, We're, — Organizations: Saudi Energy, North Africa Climate, Afp, Getty, Petroleum, OPEC, Energy Watchdog, United Arab Emirates Locations: East, North Africa, Riyadh, Saudi, Russia, OPEC, Saudi Arabia, Ukraine, Europe, Paris

☆ First hydrogen train in Middle East to begin trials next week, Saudi energy minister says
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: 1 min

Companies First Hydrogen Corp FollowRIYADH, Oct 8 (Reuters) - Saudi Arabia's Minister for Energy Prince Abdulaziz bin Salman said on Sunday that the first hydrogen train in the Middle East will begin trials next week. "It will be on trial for next week, hopefully for the next few months.. We will have the first hydrogen train in the Middle East," the minister said, speaking at the UN MENA Climate Week in Riyadh. The minister also said that Saudi Arabia will be launching a "credible, transparent and adaptable domestic market mechanism" on Monday, without elaborating. Reporting by Aziz El Yaakoubi; Writing by Rachna Uppal; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Energy Prince Abdulaziz bin Salman, Aziz El Yaakoubi, Rachna Uppal, Toby Chopra Organizations: First Hydrogen Corp, Saudi Arabia's Minister, Energy, Thomson Locations: RIYADH, UN, Riyadh, Saudi Arabia

Energy ministers from Saudi Arabia, the United Arab Emirates and Iraq, the three largest members of the Organization of Petroleum Exporting Countries (OPEC), have gathered in the Saudi capital Riyadh for the U.N. MENA climate week. The UAE will host the COP28 climate summit scheduled to take place in Dubai between Nov. 30 and Dec. 12. He has argued for a more inclusive COP that brings the oil and gas industry into the climate debate and allows it to be part of the solution through decarbonisation initiatives. Saudi Energy Minister Prince Abdulaziz bin Salman also said the industry should not be stigmatised and the world still needed hydrocarbons. "There is a case for us to be in oil and gas," he told the audience.

Persons: Sultan Ahmed Al Jaber, Luiz Inacio Lula da Silva, Ueslei Marcelino, Jaber, Suhail, Mazrouei, Sultan al, Prince Abdulaziz bin Salman, Aziz El Yaakoubi, Pesha Majid, Maha El, Toby Chopra, Barbara Lewis Organizations: UAE Industry, Amazon, REUTERS, UAE, Energy, United Arab, Organization of Petroleum Exporting, UAE Energy, Saudi Energy, Thomson Locations: Hangar, Belem , Para State, Brazil, RIYADH, Saudi Arabia, United Arab Emirates, Iraq, Saudi, Riyadh, UAE, Dubai, OPEC, COP28

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo Acquire Licensing RightsLONDON/DUBAI, Oct 6 (Reuters) - OPEC has raised its medium- and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group's more bullish view compared to other forecasters. Higher oil demand would be a boost for producers and the 13-nation OPEC and would underscore the need for continued investment. It also highlights OPEC's more bullish view on the oil demand outlook compared to the International Energy Agency (IEA) and other forecasters. The 2022 version of OPEC's report sees oil demand reaching a plateau after 2035.

Persons: Ramzi Boudina, Haitham Al Ghais, Prince Abdulaziz bin Salman, Fatih Birol, Alex Lawler, Maha El, Simon Webb, Sharon Singleton Organizations: Organization of, Petroleum, REUTERS, OPEC, of, International Energy Agency, Saudi Energy, IEA, Financial Times, Thomson Locations: Algiers, Algeria, DUBAI, Riyadh, Saudi Arabia, OPEC, Vienna

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, held an online meeting. The panel, named the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted. Saudi Energy Minister Prince Abdulaziz bin Salman, who chairs the JMMC, last month said OPEC+ cuts were needed to stabilise the market, and prices were not being targeted. Ahead of the meeting, OPEC+ sources had told Reuters that policy was likely to remain steady although with oil rallying, some analysts had cited an increasing probability the Saudi voluntary cuts will be reduced. The next JMMC meeting is on Nov. 26, the statement said, the same day as the next scheduled full meeting of OPEC+ to decide policy.

Persons: Ramzi Boudina, Prince Abdulaziz bin Salman, Ahmad Ghaddar, Olesya Astakhova, El, Alex Lawler, Simon Cameron, Moore, Elaine Hardcastle Organizations: Organization of, Petroleum, REUTERS, LONDON, Oil, Brent, Saudi, Saudi Energy, Reuters, Thomson Locations: Algiers, Algeria, Saudi Arabia, Russia, MOSCOW, DUBAI, OPEC, Saudi

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, meet on Oct. 4. The panel, called the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted. Four OPEC+ sources who declined to be named said the committee would probably not make any changes to existing policy during Wednesday's online meeting. With oil rallying, some analysts have cited an increasing probability the Saudi voluntary cuts will be reduced. The next full OPEC+ meeting is not until November.

Persons: Leonhard Foeger, Prince Abdulaziz bin Salman, Ahmad Ghaddar, Maha El, Olesya Astakhova, Alex Lawler, Dmitry Zhdannikov, Emelia Organizations: Organization of, Petroleum, REUTERS, LONDON, Oil, Brent, Saudi Energy Ministry, Saudi Energy, Saudi, OPEC, Thomson Locations: Vienna, Austria, Saudi, Russia, DUBAI, MOSCOW, OPEC, Saudi Arabia

☆ Saudi Arabia announces crucial step forward in its nascent nuclear power plans
▼ + stars: | 2023-09-26 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

The announcement put the spotlight on the kingdom's nascent nuclear energy efforts — Saudi Arabia has a small nuclear reactor, a research unit set up with the help of Argentina, that it has not yet put into operation. The Saudi energy minister did not comment on whether his country would also join the IAEA's Additional Protocol, which requires more thorough oversight including snap inspections. Saudi Crown Prince Mohammed bin Salman said in a recent wide-ranging interview with Fox News that if Iran developed nuclear weapons, Saudi Arabia would too. U.S. assistance with a nuclear energy program is one of Saudi Arabia's key demands — but not everyone is happy about that. The multilateral Obama-era deal had allowed the lifting of economic sanctions on Iran in exchange for curbs to its nuclear program.

Persons: Crown Prince Mohammed bin Salman, Al, Mandel Ngan, Prince Abdulaziz bin Salman Al Saud, Rafael Grossi, Thomas Kronsteiner, Grossi, Saud, Prince Abdulaziz's, Prince Mohammed bin Salman, Mohammed bin Salman's, Saudi Arabian Crown Prince Mohammed bin Salman Al Saud, Joe Biden, Narendra Modi, Evelyn Hockstein, Yair Lapid, Donald Trump, ATTA KENARE Organizations: Saudi, Crown, AFP, Getty Images, International Atomic Energy Agency, IAEA, Saudi Energy, Governors, CSA, United, Fox News, CBS, West, Saudi Arabian Crown, Indian, Biden, Obama, Iranian, Getty Locations: Royal, Saudi, Jeddah, Getty Images Saudi Arabia, Vienna, Austria, Saudi Arabia, Argentina, United Arab Emirates, Iran, Russia, Ukraine, China, New Delhi, India, Riyadh, Washington, Israel, Tehran, Bushehr

Meanwhile, failed uprisings in Bahrain and eastern Saudi Arabia were followed by years-long crackdowns and a continuing civil war in Syria. “What we’re beginning to see in Saudi Arabia right now is the emergence of a new social contract. Saudi Arabia is the world’s biggest exporter of crude oil, and nearly two-thirds of its income still comes from selling fossil fuels. If Saudi Arabia can become a hub for major sporting events, then that’s a way of attracting interest to the country,” said Maguire. In response to previous criticism about Saudi Arabia’s purported “sportswashing,” the kingdom’s sports minister Prince Abdulaziz bin Turki Al-Faisal said: “People that don’t know Saudi Arabia, have never been to Saudi Arabia, go out and talk about it as if they’ve lived there for 30 years, 40 years.

Persons: Hilal, Kylian Mbappé, Germain, Neymar Jr, Ballon d’Or, Cristiano Ronaldo, Nassr, Patricia de Melo Moreira, it’s, Saudi Crown Prince Mohammed bin Salman –, Leon Neal, Ballon, Karim Benzema, Al Hilal, spender, –, Carlo Nohra, Jordan Henderson, Henderson, “, ’ ” Simon Chadwick, “ We’ve, ” Chadwick, King Salman bin Abdulaziz Al Saud, Al Nassr, Stringer, you’re, Kieran Maguire, they’re, Everybody’s, ” Maguire, Chadwick, Ronaldo, Maguire, … Mohammed bin Salman, ” James Dorsey, ”, Chadwick –, Mohammed bin Salman, Saudi Arabia’s, Prince Abdulaziz bin Turki Al, Faisal, don’t, they’ve, LIV Golf, Jimmy Dunne, LIV, Dunne, Aleksander Ceferin, Erling, Haaland, Jurgen Klopp, Michael Emenalo, Steven Gerrard, Nohra, ” “ They’ve Organizations: CNN, Saudi, Al, Paris Saint, PSG, Saudi Pro League, Ligue, Liga, Serie, Bundesliga, English Premier League, Deloitte, Investment Fund, AFP, Getty, SPL, Saudi Crown, Spanish, Arsenal, CNN Sport, English, Newcastle United, Liverpool, The Athletic, SKEMA Business School, Argentina, Zamalek, King Fahd Sports City, Anadolu Agency, Chelsea, Manchester United, Manchester City, Football, AFC Asian, FIFA, Greece, Royal Spanish Football Federation, Spanish Super, ”, Amnesty International, Amnesty, Middle East Soccer, Saudi Ministry, Sport, PGA Tour, European, UEFA, Premier League, Ettifaq Media, Reuters New Saudi Pro League, Major League Soccer, La Liga, Peterson Institute for International Economics, Russian Direct Investment Fund, Investigations, PGA Locations: Saudi Arabian, Brazil, Saudi, Ittihad, Al, Ahli, Real Madrid, England, France, Germany, Spain, Italy, Saudi Arabia, Liverpool, China, Qatar, Taif, Egypt, Spanish, East, North Africa, Libya, Yemen, Tunisia, Bahrain, Syria, “, ”, Europe, ” Liverpool

☆ Saudi energy minister says oil supply cuts are not about 'jacking up prices,' as Brent hovers at $95 a barrel
▼ + stars: | 2023-09-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +5 min

Prince Abdulaziz bin Salman at the World Petroleum Congress in Calgary, Canada, on Sept. 18, 2023. Bloomberg | Bloomberg | Getty ImagesSaudi Arabia's energy minister said Riyadh and Moscow's decision to extend crude oil supply cuts is not about "jacking up prices," as Brent futures hover near $95 a barrel and analysts predict further rises into triple digits. The increases have rallied some analysts around speculation of a short-term return to oil prices at $100 per barrel. Asked on the possibility of hitting that threshold, Chevron CEO Mike Wirth on Monday admitted oil prices could cross into triple digits in a Bloomberg TV interview. Energy prices have repeatedly underpinned higher inflation in the months since the war in Ukraine and Europe's gradual loss of access to sanctioned Russian seaborne oil supplies.

Persons: Prince Abdulaziz bin Salman, Topping, Mike Wirth, We're, we're, Abdulaziz, Fatih Birol, they've, Amin Nasser Organizations: World Petroleum Congress, Bloomberg, Getty, Saudi, Brent, Saudi Energy, Organization of, Petroleum, Chevron, International Energy Agency, IEA, CNBC, United Arab Emirates Locations: Calgary, Canada, Riyadh, OPEC, Saudi Arabia, Russia, London, U.S, Ukraine, Paris, China, Saudi, Aramco, United Nations

Search resuls for: "Prince Abdulaziz bin"

25 mentions found